Explanation
Background: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Nationwide Children's Hospital, equal to thirty percent (30%) of the amount of new income tax withheld on employees for a term of up to 15 years, not to exceed $15 million in consideration of Nationwide Children's Hospital proposed investment of $842 million and the creation of 2400 permanent full-time jobs. Nationwide Children's Hospital is proposing to expand and is requesting a Jobs Growth Incentive.
Nationwide Children's Hospital is embarking on a strategic plan that includes $842 million in investment to improve healthcare for all children, regardless of ability to pay. As part of the plan the hospital will be investing in 4 key areas, Research, Medical/Clinical staff expansion, Technology and Facilities. The net impact of this plan is 2400 jobs by 2013 and 4250 by 2020. Nationwide Children's Hospital currently employs 6800 employees and is home to The Research Institute, which is the 6th largest freestanding pediatric research enterprise in the country.
Emergency action is required in order to allow Nationwide Children's Hospital to begin investing and creating jobs as quickly as possible.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Jobs Growth Incentive Agreement with Nationwide Children's Hospital; and to declare an emergency.
Body
WHEREAS, the City desires to increase employment opportunities and encourage the creation of new jobs in the City in order to improve the overall economic climate of the City and its citizens; and
WHEREAS, the Department of Development has received a completed application for the Jobs Growth Incentive from Nationwide Children's Hospital; and
WHEREAS, Nationwide Children's Hospital is proposing to invest $842 million to accommodate expansion; and
WHEREAS, Nationwide Children's Hospital...
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